This'n'That; October Fourth [Elections; Taxes; Polls]

Less Than A Month 'Til "D-Day!"
Now is the time to perform your 'due diligence' on the candidates, be they incumbents or first-timers.

1. http://www.opencongress.org/people/senators
2. http://www.opencongress.org/people/representatives

These two websites will lead you to 'more than you ever wanted to know' about your (incumbent) congressmen/women.  To find the 'first-timers,' "Google" their particulars for further information.



Before 'They' Went Home To Ignore Your Needs
    The 'Ruling Class' departed Washington, D.C., ["Destruction-Central"] last Friday with no action on 'The Bush' taxcuts.  The Congress only passed a stop-gap spending bill to avoid a budgetary debate before the November elections. 

I found the article below which I've edited it for length; to see the entire story, go to:  [ http://www.marketwatch.com/story/story/print?guid=950183D0-C82A-11DF-BA89-00212804637C ].

New tax breaks for small businesses
The Small Business Jobs and Credit Act is about to be signed into law. New high-level, expensive government posts have been created. There’s money for Small Business Administration loans and state governments, and a few new tax provisions — including the good, the bad and the downright sneaky.

Cell phones are no longer listed property.   No more logs of personal versus business use.

Read the amazingly annoying rules IRS outlined last year. Were you keeping logs, or paying your company back for your personal use? Neither was anyone else. Frankly, no one really wanted to enforce those rules. After all, IRS staff were using their cell phones personally, too.
More time for bonus depreciation.  Bonus depreciation was extended to Dec. 31, 2010. It was set to expire on Dec. 31 last year, but it got a reprieve. New business assets you bought since Jan. 1 of 2010 are apt to qualify for a 50% special depreciation deduction. The assets must have a recovery period of 7 years or less.   You may deduct up to $8,000 on the purchase of your new car. That, with regular depreciation, allows you up to $11,060 worth of depreciation for the first year.
Small-business health insurance.   Small-business owners may reduce their taxable income for the cost of self-employed health insurance. But they have not been permitted to reduce their self-employment taxes by the cost of the health insurance.  For 2010 only, the health-insurance deduction will reduce your self-employment taxes, too.
Penalty relief — big time.  The tax code hits businesses with penalties of 75% for not reporting “tax shelter” activities. Some penalties have been much higher than any possible benefit the business owner or investor ever got from the investment.  Since June 2009 the IRS has exercised forbearance in collecting some of those penalties. If you were hit by those penalties after Dec. 31, 2006, the revisions to IRC section 6707A may have dramatically reduced the ceilings on your penalties.  This may be a good opportunity to file some amended returns.

Good for really small businesses.  If you own a really small business, you perhaps tend to operate it using your own savings, personal loans, credit cards, and so forth, as a primary source of capitalization. That means you start out with a limited budget and pray that your clever marketing moves will generate enough money to cover operations, quickly. The deduction for start-up costs has increased from $5,000 to $10,000 during 2010 and 2011.   Before, you lost this benefit if your start-up costs were $50,000. That has increased to $60,000.  Remember, though, the business must have opened its doors during 2010 if you want to take advantage of writing off those start-up costs. So be sure to start selling something before Dec. 31.

Good for bigger small businesses, real-estate investors.  Section 179 depreciation jumped from $250,000 to $500,000 for 2010 and 2011. The amount of assets your business may purchase before you are too big to qualify for this benefit also rose, from $800,000 to $2 million. In 2012, the Section 179 deduction will return to $25,000, with an asset purchase limit of $200,000.  Personal vehicles are limited to a deduction of $25,000 in the year of purchase.  Certain real estate is now eligible for Section 179 benefits: qualified leasehold improvements, qualified restaurant property, and qualified retail improvement property.  Remember, to keep this Section 179 benefit, the asset you purchased must continue to be used for business for its entire tax life. If you stop using a 5-year asset, or sell it after 3 years, you must pay back the Section 179 benefit. This also applies to things like your computers, video cams, and other small, but expensive electronics that tend to be replaced every year or two.
Sneaky provision.  Qualified Small-Business Stock (QSBS) has special provisions to encourage investors to risk their money in new, start-up corporations. If the company fails, there are generous provisions to write off part of the losses quickly. There are incentives allowing certain capital-gains exclusions when the stocks are sold.  QSBS investors have been getting a boost lately. Historically, we were able to exclude 50% of certain profits, if the stock had been held for five years or more. Then, it got pushed up to 75% of profits, for QSBS purchased after Feb. 17, 2009, and before Jan. 1, 2011 — with a special alternative minimum tax rate. The latest law increases the exclusion from tax to 100% for QSBS purchased after March 15, 2010, and before Jan. 1, 2012.  It's generous except for the little clause in the new law that says paragraph 7 of Code Section 57 does not apply. Congress took away the special alternative-minimum tax treatment. In other words, you exclude 100% of the gains from your regular income tax and pay 28% in AMT, or higher once the low capital-gains rates expire next year.
Waste of taxpayer resources.  An interesting little feature of this bill “prohibits the use of funds under this Act to pay the salary of an individual officially disciplined for viewing, downloading, or exchanging pornography on a federal government computer while performing official federal duties.”
And more…   There are several other provisions that will enhance or confuse your business experience. Wait about two weeks for your tax professional to get up-to-date on all the details. Then make an appointment to do some planning. Definitely get a business tax tune-up before October ends so you can take advantage of tax benefits on money you’ve already spent, and see if that frees up money for some expansion or marketing. Or just to pay off some bills.


....and The Polls Tell Us....
Scott Rasmussen's polls are telling us:

1. -- Fifty-seven percent (57%) of Likely U.S. Voters favor repeal of the new health care law,
2. -- Only 34% of voters think last year’s economic stimulus plan helped the economy.  Sixty-one percent (61%) disagree including  (39%) who believe the stimulus package hurt the economy and 22% who believe the $787-billion plan had no impact.
3. -- Then there was the bailout of failing auto giants General Motors and Chrysler. Fifty-four percent (54%) of Americans say they are less likely to buy a GM car because the federal government is the automaker’s majority owner.
4. --  Only 35% of Americans still believe the United States has the best economy in the world.
5. -- 75% of voters now think it is at least somewhat likely that most of today’s younger workers will work past the traditional retirement age of 65, including 47% who say it is Very Likely.
6. -- Voters are so dubious about the political process that 44% think it is not possible to win a political campaign today without raising money from lobbyists. One-out-of-three voters (33%) say they are more likely to vote for an independent candidate in this election than they have been in the past.
7. -- Four states, all currently held by Democrats, are in the Toss-Up category (Illinois, Nevada, Washington, and West Virginia).
8. -- Some of the surprises this past week in Senate races include Republican Ron Johnson’s 12-point leap ahead of Democratic incumbent Russ Feingold in Wisconsin.
9. -- Republican Rand Paul continues to hold a double-digit lead over Democrat Jack Conway in Kentucky.
10. -- For the first time, Republican challenger Ken Buck now captures more than 50% of the vote in his U.S. Senate bid against Democratic incumbent Michael Bennet in Colorado. 
11. -- Thirty-one percent (31%) of voters now say the country is heading in the right direction.  Confidence in the nation’s current course has been hovering around the 30% mark since last November.
12. -- A  plurality of adults who watch baseball at least once a week expect another World Series between the New York Yankees and Philadelphia Phillies.
13.  -- Republican Rob Portman now crosses the 50% mark for the first time in Ohio’s U.S. Senate race. 
14. -- Republican Marco Rubio continues to hold an 11-point lead over independent candidate Charlie Crist in Florida’s race for the U.S. Senate.
15. -- Republican Pat Toomey still stands just short of 50% against Democrat Joe Sestak in Pennsylvania’s U.S. Senate race.
16. -- Republican Senator Johnny Isakson continues to hold a double-digit lead over Democratic challenger Michael Thurmond in Georgia’s race for the U.S. Senate. 
17. -- Longtime Iowa Senator Chuck Grassley continues to outpace Democratic challenger Roxanne Conlin in his bid for a sixth term in the U.S. Senate. 
18. -- and MUCH MORE at:  http://www.rasmussenreports.com/public_content/politics/weekly_updates/what_they_told_us_reviewing_last_week_s_key_polls

 Til Nex'Time....